Gold futures fall under $390

SAN FRANCISCO (CBS.MW) -- August gold fell under $390 an ounce on the New York Mercantile Exchange for the first time in a week and mining shares were set for a four-session decline. The dollar strengthened against the Japanese yen, taking away some of the precious metal's investment interest. OPEC's decision to raise its production quota "could have a longer-term influence over gold," depending on what the move does to oil prices, said TheBullionDesk.com analyst James Moore. High fuel prices raise inflation, hampering the economic recoveries in Europe and the U.S., he explained. August gold is at $389, down $3.50. The Philadelphia Gold and Silver Index
XAU, -1.75%
and the CBOE Gold Index
$gox
each fell 1.2 percent, mirroring the decline in gold.

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